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Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
Q. What is Right Angled Isoquant? This presumes zero substitutability of factors of production. There is just one method of producing any one commodity. In this case, isoquant
Q. Simon satisfying behaviour model? The behavioural approach as developed in particular by Richard Cyert and James G. March of the Carnegie School, lays emphasis on explaining
A complementary facility for commodity-related shortfalls in export earnings This is the most recent proposal of the Group of 77 at UNCTAD in June 1979. There they requested
Define theVariable factor of production The input level of a variable factor of production can be diverse in the short run. Raw material inputs are believed as variable fact
NATIONAL DEBT Taxation does not often raise sufficient revenue for the Government Expenditure. So, governments resort to borrowing. This government borrowing is called Publi
The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x , where s 2 x =£x 2 /x You're hired to estimate and you're going to be paid according to the accuracy of your esti
SHORT RUN OUTPUT AND PRICE In monopolistic competition, it's the product differentiation that permits its price without losing sales. Due to brand loyalty consumers will c
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
ROLE OF SCARCITY IN MANAGEMENT DECISION MAKING
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